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Scotiabank's June review says hawkish Fed communication weighed on many commodity prices during the month, while crude benchmarks climbed on strengthening fundamentals. Industrial metals gained less in June than in May, with copper values falling.
Firm crude fundamentals support higher energy and freight costs for feed producers, while the hawkish Fed tone adds dollar strength that limits broader commodity gains.
scotiabank.comJun 29, 2021After 323 past bullish macro events, Crude Oil (Brent) moved a median +0.7% over 5 sessions (58% higher; middle half -2.9% to +3.7%), and +1.3% over 20.
After 487 past bullish macro events, Crude Oil (WTI) moved a median +1.0% over 5 sessions (60% higher; middle half -2.0% to +4.0%), and +1.5% over 20.
After 2,356 past bullish macro events, US Dollar (Broad) moved a median +0.2% over 5 sessions (60% higher; middle half -0.3% to +0.7%), and +0.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
